How much is your insurance?

[Yamama]

I have no idea if I am paying a reasonable rate for my boat insurance, and figured if I knew what others pay, someone might benefit from this.
My stats:
'91 Tournament. '04 Yamaha 4s. '91 trailer. Ins co is MMG Insurance in Maine.

Boat/Motor $18481 Deductible $500 Premium $287
Liability $300,000 Premium $ 23
Medical 5,000 Premium $ 15

Total $325

Coverage: North Atlantic Coastal Waters.

Any thoughts?

 

[gwwannabe]

I have an Angler's Best policy from BoatUS with coverage for all of the US and Canadian coastal in inland waters. Agreed value is 12,000, 300,000 limits plus 800,00 fuel and other spill liability. No mandatory lay up period - year round usage. Premium is $262.

When I bought this boat last year, I needed to put coverage on it quick so I called GEICO. I have my Gold Wing insured by them so I expected similar good coverage. Boy, was I wrong! I ended up with a policy that was very limited in coverage area, had a mandatory lay up period of Nov thru end of March (this doesn't fly in VA), and was really strict in other ways. I really enjoyed telling them all the reasons I was cancelling when I switched.

Gary 89 Overnighter

 

[cheremmi]

I am in Maine also and use Travelers Insurance. All your numbers are different from mine(level of coverage value of boat etc.) but it appears they are in the same ball park if you extrapolate. Your post has given me cause to call around again to the various agencies it never hurts to check. Thanks

 

[lgusto]

We're also in Miane and insured our 2005 Gulfstream 232S through BoatUS.

Agreed value: $66k
Deductible: $660
Liability: $500k
Fuel Spill Liability: $800k
Uninsured Boater: $500k
Annual Premium: $922
Area: US and Canada Coastal and Inland Waters
$5,000 Fishing Equipment Coverage
Freeze Damage Coverage

We did a lot of shopping and this policy best fit our needs and price.

 

[capt chris]

I'm in Kentucky and only look for inland coverage, but as I have recently shopped for coverage for my new Tournament 225 it appears that Progressive is going to beat Boat US. I have previously used Boat US for years on other boats, but Progressive via the internet looks to be the best provider at present. They also have a four year disappearing deductible which is pretty attractive.

 

[galaxie]

I priced some insurance this week. Do not have it in front of me but it reflects the following :

Boat Value 115k
1% deductable 1,150
500k Liability
600 tow
1000 personal effects
5000 medical
500k fuel spill

800 annual cost april 1st thru Nov1 lay up between that

You should recieve discount for radar, gps and boating safety effects. You numbers seems ok. Ask for improvement. I did today.

 

[Yamama]

I see everyone has fuel oil spill coverage, which is something my policy doesn't appear to mention. This is really helpful finding this stuff out.

Another thing which has always puzzled me is that every year I look up the book value of my boat package, and then insure it for that amount, which results in my premium going down a little each year. However, when it comes to my vehicles, I can't insure them for just the book value, and my premiums always remain the same, or increase. I will only get the book value in a total loss of my truck or boat, even though the premiums are based on different value's.

Maybe if I show my insurance co the plastic propeller sticking out of the trailer hitch, they will treat both the same!

 

[fishie1]

Taking some/additional boating safety courses thorugh either the United States Power Squadrons or the Coast Guard Auxiliary can often save you money on your boat insurance.

 

[Legend]

Mine is with Travelers

2004 Gulfstream

Boat/ Motor 74K
Per Property 500K
Towing 400
Liability 500K
Medical 100K
Unisured Boat 500K

Cost is 660 Per year

I just noticed the towing portiion of the policy. I also have Sea Tow. Do others have SeaTow and insurance or am I wasting my money on SeaTwo?

 

[OakIsland]

IMHO, the most important phrase is "agreed value." If you and the insurer have not "agreed," then the amount of insured value will be decided at the time of loss and the insurer will tell you what the boat is worth.

 

[capt chris]

Just got a qoute from Boat US on my new Tournament 225 that I will pick up next month. Here are the details.
Agreed Value - $70,000
Deductible - $700.00 (1%)
Liability - $500,000
Uninsured/Underinsured Boater - $500,000
Medical Payments - $1000
Fishing Equipment Coverage - $5000
Trailer - $5000
Trailer Deductible $50.00 (1%)
Fuel and Other spill liability $800,000
Commercial Towing Assistance - Each Incident/Annual Limit $250/$500
Full replacement Cost Coverage on new boats for the first 30 months then agreed value after 30 months.
Annual Premium in KY = $417.00
Boat US has made some nice upgrades to their policies effective 4/1/08 which they detail in the latest edition of Seaworthy magazine under the Small Stuff column.
I think they will be a better package for me than Progressive right now.

 

[engineersx2]

Just got a new policy from BoatUS for a 2008 Gulfstream with T-150's
Boat is kept in a boatel in Portsmouth VA.

Agreed value: $91,000
Deductible: $910
Liability: $500k
Fuel Spill Liability: $800k
Medical Payments: $1,000
Uninsured Boater: $500k
Trailer: None
Annual Premium: $733
No. Loss Credit: $73 (had a policy last year on different boat)
Net annual Payment: $660
Personal Affects: $500
Area: US and Canada Coastal and Inland Waters

Boat US was very easy to deal with to get policy coverage, I have never had to make a claim so not sure how that end of the process goes.

 

[capt chris]

Just got a new policy from BoatUS for a 2008 Gulfstream with T-150's
Boat is kept in a boatel in Portsmouth VA.

Agreed value: $91,000
Deductible: $910
Liability: $500k
Fuel Spill Liability: $800k
Medical Payments: $1,000
Uninsured Boater: $500k
Trailer: None
Annual Premium: $733
No. Loss Credit: $73 (had a policy last year on different boat)
Net annual Payment: $660
Personal Affects: $500
Area: US and Canada Coastal and Inland Waters

Boat US was very easy to deal with to get policy coverage, I have never had to make a claim so not sure how that end of the process goes.

I have only made one claim with them in 21 years but they were great to deal with and it could not have been handled better. I have no complaints in that area with them at all!

 

[CaptKennyW]

if you guys have a captains license tell them and it will help lower your rates as well

 

[OakIsland]

The captain's license is a two edge sword. On the one hand, it gives you no more benefit (at least with my company) than a USPS certificate. On the other, the insurance company begins to suspect commercial use of your boat (which would render the policy null and void).

Go figure....

 

[capt chris]

Oak Island,
You're right about that. Boat US didn't give me any premium credit for having my Captain's license. They were only interested in whether I had taken USPS or USCGA courses. When I mentioned it to the underwriter she said she would make a note of my having my license in my file but that there was no additional credit available due to having it. She never asked me about commercial use which I don't do anyway.